The bull case for Dogecoin remains to be very robust despite the fact that the coin has taken fairly a beating during the last couple of weeks. The market reversal coupled with the upper price of adoption that the meme coin is seeing might see it full a 50% transfer towards the upside within the quick time period.
Dogecoin Whale Transactions Are On The Rise
Within the final week, Dogecoin whales have been rousing from their slumber. This got here to a head on Sunday, Might 28, when whale DOGE transactions hit considered one of its highest ranges. Information from IntoTheBlock reveals that giant DOGE transactions, i.e. transactions carrying not less than $100,000 value of cash crossed $1.94 billion within the final seven days.
Consequently, Dogecoin’s quantity rose exponentially as properly, crossing the $1 billion mark. This fast rise in quantity reveals a willingness on the a part of traders to take part out there as soon as extra, which performs additional into the bullish narrative for the meme coin.
The transaction quantity just isn’t the one Dogecoin metric that additionally noticed a rise within the final week. The variety of DOGE transactions being carried out on the community additionally rose exponentially, due to the recognition of BRC-20 tokens. 
DOGE each day transactions cross 2 million | Supply: BitInfoCharts
Based on BitInfoCharts, the variety of each day DOGE transactions grew from a mean of 20,000 initially of Might to 2.0777 million on Might 27. This rise within the variety of transactions additionally explains the rise in buying and selling quantity, in addition to the rising bullish sentiment throughout the group on condition that extra community exercise means extra demand for DOGE.
DOGE Might Blow Up In The Brief Time period
As was the case with Bitcoin when Ordinals and BRC-20 tokens gained reputation, translating to a surge in worth, DOGE might observe the identical pattern. If this occurs, then the worth of Dogecoin might break free from the overall market pattern and start a solo rally.
DOGE recovers above $0.073 | Supply: DOGEUSD on TradingView.com
With its already excessive volumes, such a solo rally might see DOGE rise as a lot as 50% from its present stage. Moreover, traders are already biking again positive factors from smaller meme cash reminiscent of PEPE again into DOGE, offering much more cushion for the digital asset.
If DOGE does proceed to rise, its first main resistance lies at $0.075 at this level. Nevertheless, this resistance just isn’t as robust because the one at $0.08, which can actually decide if the meme coin can climb as much as 50%.
On the time of writing, DOGE is trending at a worth of $0.073, up 1.02% within the final day and 1.69% within the final week.
